Research analysts at Cantor Fitzgerald have upgraded their rating on Netflix (NFLX) from Hold to Buy and raised the price target on the stock from $405 to $425.
“We’re upgrading NFLX to BUY from HOLD and increasing our PT to $425 from $405 on stronger-than-expected 1Q:14 results and better 2Q:14 guidance. With international expansion firmly in place and profitability achieved ahead of expectations, with the prospects for an imminent launch in France and Germany, and a $1-2 price hike later this quarter across its geos, NFLX has gotten a lot more compelling with several catalysts in tow, in our view.” Cantor Fitzgerald said in a note to clients
“Subscriber growth metrics show that consumers’ appetite for the service remains strong even as Netflix’s penetration approached a third of all U.S. domestic households. The ~24% pullback from its recent high makes the stock a compelling buy again, in our view” it added
Shares of Netflix (NFLX) closed at $348.49 on Monday.